At the time of decimalisation in 1971, the United Kingdom Crown coin (equal to 5 shillings) was redenominated as a 25p coin and pieces struck prior to 1990 - all the way back to 1818 - continue to be legal tender for that amount. The old denomination had been a regular circulating coin in the 19th century, but in the 20th century it became more of a commemorative denomination.
The Royal Mint continued issuing commemorative coins in the same format - using the traditional coin dimensions, but in copper-nickel. These were initially also denominated as 25 pence but the "Crown" was changed in 1990 to a commemorative £5 (five pound) coin, having the same dimensions and weight but with a face value twenty times as great.
The denomination is used to mark special occasions, usually royal in theme, rather than for use in general circulation. Although not circulating, these coins are legal tender.
The 2023 Year of the Rabbit coins are part of the Royal Mint's Shēngxiào Collection - a coin series dedicated to the Chinese Lunar calendar.
The mint says:
"Marking the start of a Spring Festival, Chinese New Year is now celebrated in cities all over the world. Bringing friends and family together in colourful celebration, the festivities are closely linked to the 12 animals of the Chinese zodiac. The year 2023 is associated with the rabbit - a highly symbolic creature in Chinese folklore and tradition. Cautious and considerate, the rabbit represents humility, elegance and kindness, and many believe that those born under this zodiac sign possess these traits. The tenth release in The Shēngxiào Collection - our series celebrating the lunar calendar - is the Year of the Rabbit 2023 UK Coin, which is available in a range of limited-edition gold and silver Proof editions, as well as a Brilliant Uncirculated edition. Featuring a design by the artist Louie Maryon that captures the rabbit’s characteristic qualities, the result is a beautiful fusion of British and Chinese culture."
This £5 commemorative coin is the fourth copper-nickel coin in the Shēngxiào Collection. It was released on 8 September 2022, in advance of the Chinese Year of the Rabbit (22 January 2023 to 9 February 2024). | 
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